In an interview given to Fox Business about the filing of a request for a Bitcoin spot ETF, Larry Fink affirmed his desire to “democratize cryptocurrencies”. Yet very critical of this asset class in 2017, the CEO of asset manager BlackRock now calls Bitcoin “digital gold”.
BlackRock CEO praises cryptocurrencies
Larry Fink, the CEO of BlackRock, strongly believes that the company’s request to launch a spot Bitcoin ETF could help “democratizing cryptocurrencies”. In any case, this is what he said during an interview with Fox Business, a very famous financial news channel in the United States.
As a reminder, BlackRock announced plans to launch a spot Bitcoin ETF on June 15, initiating a trend that was followed by many asset management giants. Called iShares Bitcoin Trust, it includes a special feature: monitoring shared with the American platform Coinbase.
Asked about the reasons that motivate BlackRock to launch this ETF, Larry Fink explained that he hopes to return cryptocurrencies “much cheaper for investors”. He emphasizes in particular:
“Currently, the spread between buying and selling prices for cryptocurrencies is very high. »
This intervention did not fail to make the oldest cryptocurrency investors cringe. In effect, Larry Fink didn’t always have Bitcoin in his heart, quite the contrary. In 2017, he lambasted the asset saying it was evidence of a “demand for money laundering that exists in the world”.
However, the CEO of BlackRock has converted to cryptocurrencies over the years. In 2020, he said Bitcoin had finally caught his eye, even suggesting that it could replace gold. A belief that persists, as Larry Fink said during Wednesday’s interview:
“I strongly believe that the role of cryptocurrencies is to digitize gold in many ways.” He also called bitcoin an “international asset.”
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BlackRock, the savior of the United States?
Although BlackRock’s statistics are impressive – only one ETF refused for every 575 deposits made – this request must still convince the Securities and Exchange Commission (SEC). Until now, no spot Bitcoin ETF has ever been accepted by the United States stock market police.
Indeed, the SEC has taken a fairly strict stance on cryptocurrencies for several years. Moreover, it filed a lawsuit against Coinbase last Mayaccusing the exchange of having operated without being regulated, in particular by allowing customers to trade cryptocurrencies which it considers to be securities.
We have mentioned it many times in the columns of Cryptoast: the stakes of these recent SEC attacks are much larger than the simple borders of the cryptocurrency industry. It is of a political, economic and media nature. By being sometimes too lax, sometimes too harsh, the United States is risking its place as the industry leader.
This is what Larry Fink pointed out in a letter shared with these investors at the beginning of 2023. BlackRock CEO worries about US innovation lag, while clarifying that BlackRock would continue to explore digital assets. Is acceptance of this spot Bitcoin ETF the key? We are curious to have your answers in the comments.
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Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
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